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Russia's Rosatom says it hopes Hungary decides to stick with it on nuclear plant project - Finance news and analysis from Global Banking & Finance Review
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Russia's Rosatom says it hopes Hungary decides to stick with it on nuclear plant project  

Published by Global Banking & Finance Review

Posted on October 23, 2026

1 min read

· Last updated: October 23, 2026

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Rosatom Awaits Hungary’s Decision on Paks Nuclear Plant Expansion Partnership

Rosatom's Position and Hungary's Review of the Paks Nuclear Plant Project

Rosatom's Statement on the Partnership

MOSCOW, Oct 23 (Reuters) - Russia's state nuclear corporation Rosatom said on Friday that it hoped Hungary would decide to stick with it as the main contractor in the expansion of the Paks nuclear power plant, but said it respected the Hungarian government's right to make its own decision.    

Hungary's Consideration of Alternative Suppliers

Potential Replacement of Rosatom

Two sources told Reuters this week that Hungary was considering replacing Rosatom as the main contractor and had started sounding out alternative suppliers as part of a review of the project.  

Ongoing Audit and Future Prospects

Comments from Rosatom's Head

Uncertainty and Hopes for a Positive Outcome

Rosatom's head Alexei Likhachev said on Friday that Hungary was continuing its audit of the project and that uncertainty about what decision might be taken continued to prevail, but that Rosatom was hoping for a positive outcome.  

Reporting Credits

(Reporting by Anastasiya Lyrchikova; Writing by Gleb Stolyarov; Editing by Andrew Osborn )

Key Takeaways

  • Hungary is reviewing the Paks II expansion—worth €12.5 billion—originally awarded to Russia’s Rosatom in 2014 without a tender. The review will assess legal, financial, technical and scheduling ramifications of replacing Rosatom, with no alternative contractor publicly named yet. (investing.com)
  • The government has already spent over €2 billion on the project, including about €1.1 billion paid to Rosatom. A contract termination could result in sunk costs and penalties. (investing.com)
  • Hungary’s new administration, under PM Péter Magyar, still supports nuclear energy but prefers proceeding without Rosatom to align with EU policy. A final decision is expected by late 2026 or early 2027. (investing.com)

References

Frequently Asked Questions

What is the status of Hungary's Paks nuclear plant project?
Hungary is auditing the expansion project and considering whether to stick with Rosatom as the main contractor.
Why might Hungary replace Rosatom as the contractor?
Two sources told Reuters that Hungary is evaluating alternative suppliers as part of a project review.
What is Rosatom's stance on Hungary's decision?
Rosatom respects Hungary's right to decide but hopes to remain as the main contractor for the project.
Who reported on Hungary's review of the Paks project?
The information was reported by Reuters, citing unnamed sources.
Who commented from Rosatom regarding the project?
Rosatom's head, Alexei Likhachev, addressed Hungary's ongoing audit and project uncertainty.

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